Dapper Company Ltd. receives a patent on January 1, which cost $60,000 and has a remaining legal life of 15 years and an expected useful life of nine years. What is the amount of amortization expense for the current year?

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Quizplus · Accepted Answer

The correct answer is C. The amortization expense for the current year is $6,667. This is calculated by dividing the cost of the patent ($60,000) by its expected useful life (9 years).